A Bill to require firms offering regulated private pensions services to exercise a fiduciary duty of care to consumers and other users of financial services, to exercise due diligence when making decisions on behalf of consumers, to provide clear information to consumers on all charges and costs paid by the consumer or the pension fund on the consumer’s behalf and to disclose any conflict of interest and potential conflict of interest including commercial relationships that might result in or be perceived to result in financial detriment to consumers or undermine the integrity of financial markets; to make provision for disclosure by postcode of the location of investors in private pension funds; to make provision for an Annual General Meeting for each private pension fund; and for connected purposes.
House of Commons
Gareth ThomasLabour (Co-op)
1 May 2012
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The bill would require firms offering regulated private pension services to act with a fiduciary duty of care to consumers and other users of financial services, and to exercise due diligence when making decisions for them. It would require clear information about all charges and costs paid by the consumer or the pension fund on the consumer’s behalf, and would mandate disclosure of conflicts of interest and potential conflicts, including commercial relationships that could harm consumers or undermine financial market integrity. It would also introduce postcode-based disclosure of where investors in private pension funds live and require an annual general meeting for each private pension fund.
Currently at the 2nd Reading in the House of Commons. It originated in the Commons and is sponsored by Gareth Thomas.
Generated 21 February 2026
1 Mar 2012
No recorded votes for this bill yet.
